Petrobras Approves Strategic Plan 2024-2028+ [PDF Download]

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(Petrobras, 23.Nov.2023) — Petrobras informs that its Board of Directors approved, at a meeting held today, the Strategic Plan for the five-year period 2024-2028 (SP 2024-28+), planning to invest US$ 102 billion over the next five years.

The first plan of this administration, the SP 2024-28+ aims to prepare Petrobras for the future and strengthen the company by initiating a process of integrating energy sources that is essential for a fair and responsible energy transition. In this context, the new Plan will be implemented with total attention to people, safety and respect for the environment, perpetuating value for future generations, with a focus on capital discipline and a commitment to keeping the company’s indebtedness under control.

Oil and natural gas commodities will continue to be the main drivers of value, with economic and environmental resilience, financing the just transition. Profitable low-carbon investments will gain relevance for long-term value generation. Governance will be respected in all decision-making processes and project evaluations, guaranteeing sustainability and profitability, with more transparency.


The CAPEX forecast for the 2024-2028 period totals $102bn, 31% higher than the previous plan, with $91bn corresponding to projects under implementation (Portfolio under Implementation) and $11bn composed of projects under assessment (Portfolio under Evaluation), which are subject to additional financial feasibility studies before contracting and execution begin. When studies are completed and their economic viability is proven, these projects can migrate to the Portfolio under Implementation. The financial feasibility study for projects under evaluation is an additional item to the governance established for approving projects, which is maintained for both portfolios. This way of presenting the portfolio demonstrates a commitment to transparency and a further advance in the governance of project approval.

The increase in CAPEX is mainly associated with new projects, including potential acquisitions; assets that were in divestment and returned to the company’s investment portfolio; and cost inflation, which impacted the entire supply chain.

CAPEX in the Exploration and Production (E&P) segment represents 72% of the total, followed by Refining, Transportation and Marketing (RTM) with 16%, Gas and Low Carbon Energies with 9% and Corporate with 3%.


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